Q:It seems to be the accepted wisdom that house prices will fall over the coming year, and therefore that it makes sense to wait if you are a buyer.
But I have my eye on a flat I really like, and am considering buying. I would class myself as super-cautious with risk/money aspects, but on the other hand some people must still be buying houses, and they can't all be bonkers, right?
So, what do you think…I am a first-time buyer. I have a large deposit (up to 35%) and am looking at about ￡100k for the flat. I am self-employed and have been for years. I earn maybe ￡17k variable.
Bonkers to even consider it?!
I don't like to be overly negative to questions such as this, I do not Know where property prices will be in 6, 12, 18 0r even 24 months, but I have a pretty good idea, and I have to agree with guy for an expenditure of that amount of money right at this point in time given your stated financial position I think I'd need a little more motivation to step into the storm than "a flat I really like"
No offence but this is probably the worst argument I've ever heard to justify spending a large amount of money, ever!
Keep saving and I'm sure you'll end up with a terrace/semi by the time this thing hits the bottom!
http://news.bbc.co.uk/1/hi/business/7462773.stm
We only bought because our property is literally the only one of it's kind in the area so we bought now, as there were no guarantees we could get it, or anything similar in a year or even 2 years time.
confused
And that flat might turn into a terraced house or even a semi.
confused